2017.04.2609:03:00UTC+00Currency Snapshot (major Pairs)

Dollar index trading at 99.17 (+0.34%)

Strength meter (today so far) – Euro -0.33%, Franc -0.10%, Yen -0.50%, GBP -0.05%

Strength meter (since last week) – Euro +1.60%, Franc +0.02%, Yen -2.46%, GBP +0.16%

EUR/USD –

Trading at 1.089

Trend meter –

• Long term – Sell, Medium term – Sell, Short term – Range

Support          

• Long term – 1.032, Medium term – 1.05, Short term – 1.06

Resistance –

• Long term – 1.11, Medium term – 1.09, Short term – 1.09

Economic release today –

• NIL

Commentary –

• The euro is the best performer of the week as pro-EU candidate Emmanuel Macron comes first in the first round of French election. The euro is flirting with the key resistance around 1.09 area.

GBP/USD –

Trading at 1.282

Trend meter –

• Long term – Sell, Medium term – Buy, Short term – Buy

Support –

• Long term – 1.16, Medium term – 1.23, Short term – 1.27

Resistance –

• Long term – 1.32, Medium term – 1.305, Short term – 1.305

Economic release today –

• NIL

Commentary –

• The pound is only marginally higher this week as the major focus is on the euro and the yen. We expect the pound to reach parity in the longer run.

USD/JPY –           

Trading at 110.8

Trend meter –

• Long term – Sell, Medium term – sell, Short term – Sell

Support –

• Long term – 107, Medium term – 107, Short term – 107

Resistance –

• Long term – 119, Medium term – 115, Short term – 112

Economic release today –

• All industry activity index grew 0.7 percent in March.

Commentary –

• The yen is the worst performer this week as the French Election outcome reduces demand for safe haven.

USD/CHF –        

Trading at 0.995

Trend meter –

• Long term – Buy, Medium term – Range/Buy, Short term – Range

Support –

• Long term – 0.95, Medium term – 0.95, Short term – 0.98

Resistance –

• Long term – 1.08, Medium term – 1.037, Short term – 1.037

Economic release today –

• UBS consumption indicator came at 1.5 in March, same as February.
• Zew survey expectations deteriorated to 22.2 in April from 29.6 in March

Commentary –

• Franc is much worse performer this week compared to the euro.  Active call -Franc might decline to 1.08 per dollar. Target extended to 1.14